Bucharest Business School (Bucharest Academy of Economic Studies) launches, in partnership with the Romanian Fintech Association, the first report that analyses the Romanian fintech ecosystem in a comprehensive way.
“Fintech Romania Report” aims to provide an overview of the current changes taking place in the Romanian fintech sector and highlight its main challenges.
For the project, the research team conducted a survey with representatives of Romanian fintech companies. According to the analysis, the ecosystem in Romania is still small, but has grown rapidly in recent years. More than half of the companies were founded after 2018.
In 2022, the main types of companies in the sector are technology providers (21.82%), digital payment and loan managers (each 18.8%) and RegTech companies (10.91%).
Fintech is short for financial technology, which offers alternative services to traditional services in the financial sector.
The industry is represented by the Romanian Fintech Association (RoFintech), which has 22 members. While the total number of employees of the companies participating in the survey is 397, the average number of employees per company is almost 20, with a minimum of 1 employee and a maximum of 100.
The report reveals that the industry is highly concentrated in terms of turnover, with more than 75% of revenues in 2021 coming from digital payments fintechs (mobile payments, money transfers, e-money issuers, access points and other payment-related services).
Companies providing digital identification (biometric security, “know your customer” – KYC, fraud protection) account for less than 8% of the market.
The launch event will take place in the Aula Magna of the Bucharest Academy of Economic Studies.